Summer Intern Hours at BB
Wondering if people could shed some light on how many hours I could actually expect to work per week during my IB internship at a BB in NYC this summer? I'm trying to plan how much I can actually expect to earn per week/month as I look for some housing options, as I'll be making basically the same hourly wage as my parents combined, so I can't really rely on them if I fall short of rent each month (not that I'm looking for expensive or luxury places, but would like a general figure that I can use to set a max on rent).
I know 70-80hrs is the norm for FT but does this transfer over to interns as well? Especially since the first couple weeks are training and the last week is a "party" or whatever, so will I be working more in the 40-60hr range each week? Would really appreciate any estimates or actual numbers from your internship experiences. Thanks!
Are you at one of the BBs that does diminishing overtime? Those work out to be an extra hundred or 200 in your paycheck every week. Not that lucrative, just a way for HR to keep an eye on any groups overworking interns.
The very first week is training, weeks 2-9 I'd expect to work ~70 (for your budget I'd put 60 to be very conservative), and the last week probably 40 as you will roll off projects / leave very early the last day. Really though you should only rent off your base, should be more than enough to sublet
Appreciate the response! Have definitely been looking to be as conservative as possible with rent and weekly hours for budgeting. Also not sure if it's a BB with diminishing overtime as all they've told me about that is that overtime is 1.5x hourly pay. I'm not too familiar with how enforced that is and if they kick interns out of the office to prevent overworking/overpaying them. My connections at the bank are also laterals who never went through the internship, so they haven't been able to share much about OT policies for interns either.
What does your contract say about overtime? It will usually be very clear. 1.5x is not the policy of any NYC BB unless they just changed it. 1.5x is a California law and the Cali interns make like 30-40k over the summer, have never heard of that in NYC
BofA is doing 1.5x OT this summer but OT is also 45/hour and not 60 like Wells
Also at BofA this summer, do you know what counts as OT for them in NYC (not stated explicitly on the contract iirc)
OT is over 40 hours. HR will likely make sure we track all of our hours. It’s not worth 20-40 hours of OT a week to break a contract and potentially have a a lawsuit of not paying hourly workers for the actual hours they work. The letter states pay is prorated at 60 hours a week so they are already planning on us working 60 hours a week (40 + 20 OT).
Looking through offer letter contract, it mentions that overtime will be 1.5x the regular rate. Nothing about diminishing overtime mentioned in it. Wasn't aware this was something NYC didn't do until recently I guess? Thought it was just standard everywhere.
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